Monday, June 3, 2013

Another FULL Weekend

Sunday family project was to install gutters on one side of DD#3's home.

Nanny- "Karsyn you look so pretty"

Karsyn - "No Nanny I is precious"

Where does this kid get these words!!

DD#3's side yard after the installation of gutters, HOT, HOT, HOT day.

How could a day be complete without the seal of a kiss from Papaw. BTW the grands love to play in the back end of Papaws truck but NEVER without supervision and NEVER when the truck is moving!!

AHH, Monday how I love thee!! Laundry, cleaning, mopping, and errands most of which I can do in the pleasant cool of central air condition. As an added bonus I have the day all alone to complete this to do list. I know as soon as I hit post one or more of the big or little kiddo's will show up!! Hey a girl can dream right?

Hubby has requested Meatloaf and cream potato's for dinner. Heck ya, easy to do and tastes great too.

Our entire weekend was spent in the great out doors. Talk about hot and humid, ball games, yard work, garden, installing gutters, and of course some playground time. No wonder our water bill is so darn high in the summers. Shower in the AM to wake up and dress for the day. Shower in the PM to wash off the sweat, dirt and grim before falling into bed. Hubby announced last night he was going into the office to work today, he needs some rest! Ha

Along with all this physical activity we have had some time to discuss early retirement......

It's hard to stay on the same page with any and everything with all the traveling hubby has to do now days for his job. I am NOT complaining because we know we are VERY BLESSED that he still has work!!

Hubby did not understand or believe me when I have continued to try and explain to him that our Social Security will be taxed at an 85% rate at retirement. We can not count on Social Security as part of our retirement income.

Hubby has paid in the maximum required each and every year for 20 or more years. I paid in the maximum when I went back to work after our big girls left for college. After paying in all that money it doesn't seem right that we will only receive back a measly 15% of what we have been docked by the government by for all these years...but as they say "it is what it is" :(

I think I will concentrate on retirement posts this week, of course along with a bit of quilting I started this morning. Instead of coffee breaks I take sewing breaks! Ha

12 comments:

Hi Debby! I've been reading your blog for a while now and have never commented...but I do so love all the quilting you do, you inspire me! I do have a question...why is the tax rate 85% for your social security? We're both retired but haven't started to take SS, my hubby could, but is putting it off for now.

Debby, I just checked with my hubby, who is a tax "genius" and what he said was 85% of your SS income will be taxable at your current tax rate...(44,000.00) so your tax rate would be about 15%. That should make you feel alittle better.

OK Debby, please explain about the SS! We too are just a few years from retirement. I have NEVER counted on it (with those hooligans in Washington)but was thinking it would be nice to have. We have looked at those calculators they send you. Thanks, Angela

Barb, it may be because we will be living on our 401K at retirement time, no pension in hubby's field. If I understand it right there are 3 tiers to SS. First level - no taxes, second- some taxes, 3rd- 85% hit.

Okay, well, I am not the queen of the may, but my understanding is that passive income is not considered earned income-be it a pension or a 401K. Do you mean that you plan to take 44 thousand out each year as passive income? Again, I am not an expert by any means. However, two years before I took social security I went to the office and sat down and talked with them for an hour-you should probably do that to be clear.

Just as an example, you have to have earned income to contribute to an IRA. 401Ks and pensions are not considered earned income by the irs.

OOps-that said, social security is meant to be a supplement for people who have insufficient retirement savings first-which is why in the future I expect changes...........if you are accurate in your case I would simply access it on the last date possible.

About Me

I am the original wife to Bob, Mother to our 3 Girls and Nanny to Tyler, Kara, Karsyn, Mason, and Blake.I love to sew, cook, save money, and Play with our grand babies. In the summer its all about the garden and preserving for the fall and winter (maybe a bit more sewing) Just a normal person on a normal day doing the normal things that God has blessed us with each day